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Levi & Korsinsky LLP Investigates Board of Facet Biotech Corp.

NEW YORK, Sep 10, 2009 (GlobeNewswire via COMTEX) -- By Staff

Companies: Biogen Idec Inc (BIIB), Facet Biotech Corp (2811565Z), First Albany Companies, Inc. (FACT)

Levi & Korsinsky is investigating the Board of Directors of Facet Biotech Corp. ("Facet" or the "Company") (Nasdaq:FACT) for possible breaches of fiduciary duty and other violations of state law arising out of their rejection of proposals by Biogen Idec Inc. ("Biogen") (Nasdaq:BIIB) to acquire the Company at a substantial premium.

On Friday, September 4, 2009, Biogen announced that it was initiating a tender offer to acquire Facet stock at $14.50 per share -- a 64% premium over the closing price of Facet stock the previous day. Facet's Board of Directors previously rejected a proposal by Biogen to acquire the Company for $15 per share. Instead of exploring the merits of the Biogen offer, the Facet Board may have breached their duties to Facet shareholders by adopting a poison pill plan.

If you own common stock in Facet and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/fact1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Levi & Korsinsky, LLP 

CONTACT:  Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
(212) 363-7500
Fax: (212) 363-7171
www.zlk.com
30 Broad Street - 15th Floor
New York, NY 10004

Copyright (C) 2009 GlobeNewswire. All rights reserved

News Provided by COMTEX

Companies: Biogen Idec Inc (BIIB), Facet Biotech Corp (2811565Z), First Albany Companies, Inc. (FACT)


Related terms: acquisition, nasdaq, securities

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